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Thursday, 18 April 2024
Thursday, 18 May 2023 12:00 am

Intracranial Pressure (ICP) Monitoring Devices Market is expected to reach US$ 2,433.82 million by 2028

The global intracranial pressure (ICP) monitoring devices market size is expected to grow from USD 1,671.41 million in 2022 to USD 2,433.82 million by 2028.

By The Insight Partners

Products & Systems Segment, by Offerings, to Dominate Intracranial Pressure (ICP) Monitoring Devices Market During 2022–2028

According to our new research study on "Intracranial Pressure (ICP) Monitoring Devices Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Offerings, Type, Application, and End User," the market is expected to grow from US$ 1,671.41 million in 2022 and is expected to reach a value of US$ 2,433.82 million by 2028; it is anticipated to record a CAGR of 6.5% from 2023 to 2028. Key factors driving the intracranial pressure (ICP) monitoring devices market growth are increasing prevalence of neurological diseases and rising incidence of traumatic brain injuries (TBIs). However, limitations associated with ICP monitors are restricting the market growth.

The US held the largest share of the North America intracranial pressure (ICP) monitoring devices market in 2021. North America dominated the global intracranial pressure (ICP) monitoring devices market in 2021 and is expected to continue its dominance during the forecast period. This is attributed to increasing incidences of traumatic brain injuries (TBIs), rising geriatric population, growing investments in R&D by market players to evaluate new devices, and high per capita healthcare spending in the US. Traumatic brain injury (TBI) is a leading cause of death and disability in the US. According to the Centers for Disease Control and Prevention (CDC), more than 69,000 TBI-related deaths were reported in the US in 2021—i.e., ~190 TBI-related deaths daily. According to the Centers for Disease Control and Prevention (CDC), the yearly treatment cost of traumatic brain injuries in the US was estimated to be ~US$ 49 billion. Further, a report by the Brain Injury Association of New York State (BIANYS) estimated that of the total TBIs in the US, 35.2% are due to falls, 17.3% motor vehicle-traffic crashes, 16.5% struck by/against events, and 10% assaults. Further, CDC estimates that 1.6–3.8 million sports and recreation-related concussions occur annually in the US. Also, according to data published by the Brain Aneurysm Foundation in February 2023, ~6.7 million people in the US suffer from unruptured brain aneurysms, which account for approximately 1 in 50 people. Thus, the growing prevalence of neurological diseases is likely to increase the demand for intracranial pressure (ICP) monitoring devices. Moreover, the market growth is attributed to the rapidly growing geriatric population. As per the 2020 Profile of Older Americans, the number of Americans aged 65 and older is projected to approximately double from 54.1 million in 2019, i.e., 16% of the total population is expected to reach 21.6% by 2040.

Intracranial Pressure (ICP) Monitoring Devices Market, by Geography, 2022 (%)

To get free sample copy of the report, along with the TOC, Statistics, and Tables please visit @ https://www.theinsightpartners.com/brochure/TIPRE00024310

Source: The Insight Partners Analysis

The intracranial pressure (ICP) monitoring devices market, by offering is segmented into the market is fragmented into products & systems, solutions & platforms, and services. The products & systems segment held the largest market share in 2022 and services is anticipated to register the highest CAGR during the forecast period. Draining systems, oximeters, and many other functional parts are incorporated with monitoring systems to aid in checking the correct fluid pressure of the cerebrospinal fluid (CSF). These devices allow doctors or physicians to understand the condition of patients better and recommend appropriate medicine or surgery. For instance, companies such as Integra LifeSciences; Medtronic; and Natus Medical, Inc. offer different variants of ICP monitors in the market.

Other market players are also performing well by introducing their newer versions of ICP monitoring devices in the market. In 2019, Raumedic launched a home-use ICP monitor called Raumed Home ICP. The device can measure the pressure inside the cranium (skull) with the help of an implanted telemetric catheter. The device is developed for patients suffering from hydrocephalus. The device is intended to facilitate the diagnosis with clinical pictures. Companies are constantly developing to offer advanced technologies in the market, which is likely to enhance the market growth in the upcoming years.

Natus Medical Inc; RAUMEDIC AG; Sophysa SA; Integra LifeSciences Holdings Corp; Medtronic Plc; Braincare Desenvolvimento e Inovacao Tecnologica SA; NovaSignal Corp; Digitimer Ltd; Longeviti Neuro Solutions LLC, and Spiegelberg GmbH & Co KG are among the key companies operating in the intracranial pressure (ICP) monitoring devices market.

The report segments the Intracranial Pressure (ICP) Monitoring Devices Market as follows:

Based on offerings, the intracranial pressure (ICP) monitoring devices market is segmented into products & systems, solutions & platforms, and services. By type, the market is bifurcated into invasive and non-invasive. By application, the market is segmented into traumatic brain injury, Reye’s syndrome, non- traumatic bleeds, hydrocephalus, space-occupying lesions, cerebral oedema, and others. The market, by end user, is segmented into hospitals, clinics, ambulatory surgical centers, and others. Based on geography, the intracranial pressure (ICP) monitoring devices market is segmented into North America (the US, Canada, and Mexico), Europe (France, Germany, the UK, Italy, Spain, and the Rest of Europe), Asia Pacific (China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific), the Middle East & Africa (Saudi Arabia, South Africa, the UAE, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).

 

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